The Nifty 50 retreated and consolidated after hitting a swing high of 25,424, declining 0.6 percent on November 13. However, the broader trend remains bullish, with all key moving averages trending upwards and momentum indicators signalling a positive outlook. The upper Bollinger Band indicates an upside target of 25,800, while the 25,900-26,000 range is expected to act as a crucial resistance zone, provided the index reclaims and sustains above 25,424 in the coming sessions. FIIs continue their heavy buying spree, while crude oil prices remain below $100 a barrel. Hence, the ongoing consolidation and profit booking may not last long. The immediate support is placed at 25,000, followed by 24,800, which is expected to act as a crucial support level, experts said.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 25,222, 25,267, and 25,340
Support based on pivot points: 25,075, 25,030, and 24,956
Special Formation: The Nifty 50 formed a bearish candle with a noticeable lower shadow on the daily charts, indicating buying interest at lower levels despite profit booking. The index continued to trade above all key moving averages, which were sloping upwards. The RSI eased to 75.22 but remained firmly in the super-bullish zone. Meanwhile, the MACD continued to trend upwards and remained well above its signal line, although the green histogram bar had contracted for the fourth consecutive session. Overall, these technical indicators point to a strong underlying bullish trend, although the consecutive contraction in the MACD histogram suggests that upward momentum may be gradually losing some strength.